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IIRC enters into further alliances

Jul 19, 2013

The International Integrated Reporting Council (IIRC), CDP (previously the 'Carbon Disclosure Project') and the Climate Disclosure Standards Board (CDSB) have entered into a Memorandum of Understanding (MoU) to improve their collaboration and promote the global harmonisation and clarity of corporate reporting requirements around natural capital. This MoU follows an earlier MoU between the IIRC and the World Intellectual Capital Initiative (WICI) over intellectual capital.

The CDP is a not-for-profit organization that provides a global system for companies and cities to measure, disclose, manage, and share environmental information. The Climate Disclosure Standards Board (CDSB) is a special project of the CDP that provides a framework for disclosure about the risks and opportunities that climate change presents to businesses. CDP, CSDB, and IIRC consider their roles to be complementary, "on the basis that reporting on the use and depreciation of natural capital — including carbon, energy, water and forest commodities, is integral to Integrated Reporting (<IR>) and a key pillar on which <IR> is based."

The MoU follows an earlier agreement between the IIRC and the WICI, which seeks to promote cooperation between the organizations in "ensuring that 'intellectual capital' is reflected as a crucial and essential source of . . . value creation within Integrated Reporting."

These agreements follow broader agreements between the IIRC and the International Federation of Accountants (IFAC), the IASB, and the Global Reporting Initiative (GRI), and may be considered the "next phase" of alliance creation between the IIRC and organizations that focus on particular topics that will commonly play key roles in integrated reporting under the IIRC proposed international integrated reporting framework. Comments on the IIRC's Consultation Draft of its proposed framework were due by July 15, 2013, and the IIRC has announced an intention of producing a first version of its finalized framework by the end of 2013.

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